Pound Sterling GBP/EUR
The Pound had a mixed session against the Euro with it see-sawing higher and lower against the single currency. The currency was little moved despite the release of an upbeat report from the British Chambers of Commerce. The currency pair is likely to see firmer swings on Wednesday due to the release of UK balance of trade and the European Central Bank’s latest interest rate announcement.
Currently the Pound is trading in the region of 1.2045 against the Euro and 1.6407 against the US Dollar.
US Dollar USD/EUR
The ‘Greenback’ moved higher against the Euro after a trade balance report came in positively. The USA’s trade deficit fell to its smallest margin since 2009 as exports improved in the wake of an improving economic picture in the Eurozone and Asia. The ‘Greenback’ was boosted after the Commerce Department said the U.S. trade deficit narrowed to $34.25 billion in November from a revised deficit of $39.33 billion in the previous month.
Currently the US Dollar is trading in the region of 0.6094 against the Pound and 0.7342 against the Euro.
The Euro
The Euro struggled to take advantage of positive news out of Ireland. 10-year bonds in the country fell to their lowest level since 2009, following strong demand at the nation’s first bond sale since exiting its bailout last month. The currency was also under pressure after data showed that inflation slowed unexpectedly. The data countered the positive German jobs and retail sales data released early in the session.
Currently the Euro is trading in the region of 0.8300 against the Pound and 1.3618 against the US Dollar.
Australian Dollar AUD/EUR
The ‘Aussie’ weakened against all of its major peers on speculation that the currency’s recent leap to 90 US cents was overdone. The ‘Aussie’ has fallen for the first time in four days versus the ‘Greenback’, retreating from the highest level in almost a month, as a technical indicator signalled a reversal. Expectations remain high that the Reserve Bank of Australia will continue to talk down the currency.
Currently the Australian Dollar is trading in the region of 0.5436 against the Pound, 0.6549 against the Euro and 0.8919 against the US Dollar.
Canadian Dollar CAD/EUR
The Canadian Dollar plummeted to a three year low against the US Dollar and took a tumble against the Pound and Euro after data showed that the Canada’s trade deficit widened by nine times what economists had been expecting. The report means that the nation’s trade gap has widened for a consecutive 23 months.
Currently the Canadian Dollar is trading in the region of 0.5676 against the Pound, 0.6839 against the Euro and 0.9314 against the US Dollar.
